Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total Current ratio Debt to total assets ratio Free cash flow, December 31, 2023 $ 2023 December 31 $54,000 2023 90,000 27,300 (11,300) $160,000 $20,000 100,000 40,000 $160,000 Net income of $32,800 was reported and dividends of $12,800 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,800 (cost of $11.800 and accumulated depreciation of $7,000) was sold for $7,800. (a) Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, eg. 52.75. Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,0001) 11 2022 % $6,200 88,800 21,100 (10,000) $106,100 $10,000 76,100 20,000 $106,100 2022 11 %

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Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.